Article Date: June 20, 2014
Ottawa, ON — Prime Minister Stephen Harper announced today that Invest Ottawa has been chosen to advance in the process to receive funding from the Canada Accelerator and Incubator Program (CAIP) delivered by the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).
As part of the Government of Canada’s Venture Capital Action Plan, this new program will help expand programs and services that are available to early-stage firms and entrepreneurs which in turn will lead to a higher output of investment-ready small and medium enterprises (SMEs) that are able to develop into sustainable, high-growth businesses.
Invest Ottawa has partnered with Wesley Clover International and Queen’s University to launch a program to broaden the delivery of accelerator and incubator services to eastern Ontario entrepreneurs and startups. The goal of the joint project is to incubate and accelerate the development of innovative, high growth, SMEs who demonstrate superior organic growth or early-stage investment opportunities. The program will be delivered from Invest Ottawa, Wesley Clover and Queen’s University facilities as well as through virtual services. Existing initiatives delivered in partnership with Carleton University, the University of Ottawa, Algonquin College, La Cité collégiale and other universities and colleges within eastern Ontario, will feed into this new program.
“We are pleased to be part of this ground-breaking project”, said Terry Matthews, Chairman of Wesley Clover International. “This is a key enabling program to release the high level of innovation in Canada in general, and in Eastern Ontario in particular. I look forward to hearing the success stories of the innovators and their companies as they progress through the program. Wesley Clover will share the expertise and experience gained from more than 30 years of mentoring and growing many global corporations. Together, we will be the engine that brings success to our innovators and entrepreneurs and helps them fulfill their vision.”
“It has been our belief that Ottawa is the best place in Canada to start and grow a business and the success of this joint proposal supports our position,” said David Ritonja, co-chair Invest Ottawa Board of Directors. “We have an ecosystem that has spawned a generation of successful startups and we are now well-positioned to support the next wave of young companies and entrepreneurs.”
This new program will be delivered through a mentorship-based model. High growth SMEs will be incubated (virtually or physically) and accelerated through a collaborative public-private partnership, leveraging the vast local innovation and commercialization expertise available, to build an effective streamlined approach.
“We are delighted to be working with regional partners, Invest Ottawa and Wesley Clover, and local partner Launch Lab, to deliver an integrated Eastern Ontario Business Accelerator. By combining and leveraging the strengths of the partners, this collaboration will expand programs and services available to high potential startups and SMEs in the region,” says Dr. Steven Liss, Vice-Principal (Research) at Queen’s University.
This collaborative partnership will help to foster an entrepreneurial culture in eastern Ontario and turn innovative ideas into sustainable, globally-competitive companies that will drive job creation and economic growth.
About Invest Ottawa:
Invest Ottawa delivers economic development programs and initiatives that increase entrepreneurial momentum, wealth and jobs in the City of Ottawa and its surrounding region. Its goal is to make Ottawa the best place in Canada to start and grow a knowledge-based business. Invest Ottawa services include startup incubation and mentorship, acceleration for existing companies, global business attraction and local business retention, targeted sector development, commercialization, and marketing Ottawa’s diversified economy and high quality of life. Invest Ottawa is supported by the province of Ontario’ s Ministry of Research and Innovation and is a member of the ONE Network.
Visit us at www.investottawa.ca, find us on facebook.com/InvestOttawa or follow us on Twitter @Invest_Ottawa
About Wesley Clover:
Wesley Clover (www.wesleyclover.com) has an enviable track record as an investment management firm and holding company, with active interests in a range of Information and Communications Technology (ICT) companies. Wesley Clover founds and funds companies by providing seed, early stage and follow-on financing, both directly and in partnership with other investors. Veteran experience and a unique management model enable us to support early incubation start-ups, through first-product firms in the accelerator phase, to established companies that trade publicly.
About Queen’s University:
Queen’s University is dedicated to the pursuit of innovation and the transfer of knowledge, and works with local and regional partners to foster an innovative, vibrant, attractive and sustainable community. This pursuit is evidenced in the University’s commitment to advancing discoveries and commercialization via PARTEQ Innovations, and building of an innovation ecosystem at Innovation Park to help support the development and growth of entrepreneurs, startups and SMEs in the region. PARTEQ manages the technology transfer activities at Queen’s and has deep expertise in technology assessment and market analysis, intellectual property protection and management, and raising of capital. Innovation Park is a physical hub for dynamic interfaces between the University, industry, not-for-profit partners and government.
Media inquiries contact:
Blair Patacairk
Invest Ottawa
Tel: 613.828.6274 x252
Cell: 613.889.8192
Email: bpatacairk@investottawa.ca